Chester based financial firm, Innes Reid, are seeking to change the way people think about saving after a study revealed that fewer people are saving for the future.
A recent survey by Legal & General concluded that many households had little to save after paying ‘monthly outgoings’.
Now Innes Reid are highlighting the big rewards that can be reaped as the result of making small lifestyle changes. By choosing to have less of the luxuries that have become seen as today’s essentials, individuals could use the money they save to fund for their future and this may even allow them to retire early. For example, if a 30-year-old decided to save the cost of a typical satellite television package they could have £154,000 by the time they are 65.
Mark Reidford, Managing Director at Innes Reid, said: “In the current economic climate, it is very tempting to 'live for today' and forget about planning for the future. Attitudes to money have shifted since the last generation. What once was seen as luxury items are now considered the norm, such as holidays abroad, digital television and designer clothes, all of which have lead to a drop in the amount of people saving. The previous generation saved and planned for the future and as a result some retired in their 50’s. They also aspired to retire early, they saved and as a result they realised their financial goals.”
Mark continued: “In the fast consumer world we live in, people are used to having their luxury items today, without realising the long term implications that making these purchases will have on their future. We’ve launched our campaign to get people talking about their financial future. It is never too early to start thinking about savings and pensions and we want people to see that compromising on a few luxuries now could see them reaping big rewards in years to come - including retiring early.”
What would you be willing to give up today that would allow you to save for early retirement and a financially secure future? Join our debate on twitter @innesreid
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